Staunton Industrial L. Corp. v. Commissioner of Int. Rev.

DOBIE, Circuit Judge.

This is a petition to review the decision of the United States Board of Tax Appeals (hereinafter called the Board), wherein there was a redetermination of deficiencies in the income and excess profit taxes paid by the Staunton Industrial Loan Corporation (hereinafter called petitioner). See 42 B.T.A. No. 153 (Oct. 22, 1940).

Inasmuch as petitioner specifically states in "its brief that no objection is made to the Board's findings of fact, we will adopt with but minor modifications the able summary of these facts found in the respondent’s brief.

Petitioner is an industrial…